X0306 4 2020-01-13 0 0001176948 Ares Management Corp ARES 0001304471 Arougheti Michael J 2000 AVENUE OF THE STARS 12TH FLOOR LOS ANGELES CA 90067 1 1 0 0 Co-Founder, CEO & President Class A Common Stock 2020-01-13 4 M 0 666667 A 1380730 D Class A Common Stock 2020-01-13 4 F 0 326467 36.32 D 1054263 D Class A Common Stock 2030052 I By Ares Owners Holdings L.P. Restricted Units 2020-01-13 4 M 0 666667 0 D 2028-07-31 Class A Common Stock 666667 666667 D Ares Operating Group units Class A Common Stock 10421596 10421596 I By Ares Owners Holdings L.P. Reflects the vesting of 666,667 restricted units granted on July 31, 2018 under the Ares Management Corporation Second Amended and Restated 2014 Equity Incentive Plan (the "Equity Incentive Plan") on January 13, 2020 pursuant to the vesting conditions of such restricted units. Each restricted unit represents the right to receive one share of Class A Common Stock upon vesting. Includes 499,999 restricted units granted under the Equity Incentive Plan. These restricted units vest in installments in accordance with the applicable restricted unit award agreement. Consists of Class A Common Stock withheld by the Issuer in order to satisfy the minimum tax withholding obligations of the reporting person arising in connection with the vesting of restricted units representing the right to receive one share of Class A Common Stock under the Equity Incentive Plan. The reporting person or a vehicle controlled by him is a limited partner in Ares Owners Holdings L.P. ("AOH"), the direct holder of the shares of Class A Common Stock. The shares of Class A Common Stock indirectly held by the reporting person or the vehicle are the number of shares of Class A Common Stock that he or the vehicle has a right to receive as a limited partner in AOH. The restricted units were granted on July 31, 2018 pursuant to the Equity Incentive Plan. Each restricted unit represents the right to receive one share of Class A Common Stock upon vesting. The restricted units will vest if, over all trading days that occur during any 30 consecutive calendar day period on or prior to January 1, 2028, the volume-weighted average price per share of Class A Common Stock is at least $45.00 generally subject to the reporting person's continued service through the applicable vesting date. Pursuant to the terms of the Third Amended and Restated Exchange Agreement, dated as of May 4, 2018, among Ares Holdings Inc., Ares Holdco LLC, Ares Holdings L.P., AI Holdco LLC, Ares Investments L.P., Ares AI Holdings L.P., Ares Management Corporation, Ares Management GP LLC, Ares Offshore Holdings L.P., AOF Holdco LLC, Ares Offshore Holdings, Ltd., and each Ares Operating Group Limited Partner (as defined in the exchange agreement), and subject to certain requirements and restrictions, (Continued in footnote 7) the partnership units of the Ares Operating Group ("AOG units") are exchangeable for shares of Class A Common Stock on a one-for-one basis, subject to the following transfer restrictions: up to 20% of the shares of Class A Common Stock may be transferred in each of the subsequent five years after May 7, 2014. The reporting person or a vehicle controlled by him is a limited partner in AOH, the direct holder of the shares of AOG units. The AOG units indirectly held by the reporting person or the vehicle are the number of AOG units that he or the vehicle has a right to receive as a limited partner in AOH. /s/ Michael Weiner, by power of attorney 2020-01-15